Pune-based Rev Snack Pvt. Ltd, which sells fruit snacks under the brand Frubites, has raised an undisclosed amount from Mumbai Angels Network and others, said a statement.
Frubites will use the funding to build the brand, expand distribution, and increase product offerings across vegetables, nuts, and fruit, according to the statement.
“We are looking to scale up this model rapidly by being present across as many points of sales as we can target through modern trade and online channels,” said Bharat Kulkarni, co-founder of Rev, in the statement.
Incorporated in 2018, Rev was founded by Bharat Kulkarni and Rohit Kulkarni. The ready-to-eat snacks are produced using freeze-drying technology that retains the flavour and nutrients of the fruit.
Nandini Mansinghka, chief executive and managing director of Mumbai Angels Network, said the food startup scene is buzzing and the network is looking forward to investing in other brands within the sector.
Mumbai Angels boasts more than 300 investors and 120-plus portfolio companies.
Its recent bets include specialised diagnostics startup Theranosis, video-based entertainment platform Spoofin and drone startup WeDoSky.
Several deals have been reported in the broader snacks space in the recent past.
In July, kids’ healthful snack brand The Mumum Co. had raised angel funds worth Rs 3.4 crore ($500,000) from wealthy individuals.
In June, Wholesome Habits, which sells healthful snack bars under the brand name Eat Anytime, had raised $500,000 (Rs 3.43 crore) in seed funding from early-stage investment firm Sprout Venture Partners and a few rich individuals.
Homegrown private equity firm Rabo Equity Advisors had invested money in nutrition bar maker Naturell India.
